Bitcoin Marketcap

$1.22T

Gold Marketcap

$14.12T

BTC Settlement Volume (24hr)

$12.90B

BTC Inflation Rate (next 1yr)

1.17%

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KEY MARKETS

24hr change

Bitcoin

$64,766  📉

 

-2.51%


S&P 500

5,048  📉

-15.97

-0.32%


Gold

$2,323  📈

+$2.81

+0.12%


Silver

$27.28  📈

+$0.11

+0.41%


Euro

$1.0685  📉

-$0

-0.14%


Yen

¥155.04  📈

+¥0.26

+0.17%


Renminbi (CNY)

¥7.2461   

+¥0.00

+0.01%


Oil (WTI)

$82.69  📉

-$0.06

-0.07%


BITCOIN STATS

Bitcoin Marketcap

$1.22T


BTC Inflation Rate (next 1yr)

1.17%


% Supply Issued

90.03%


BTC Settlement Volume (24hr)

$12.90B


Real Exchange Volume (24hr)

$20.42B


Active Addresses

1.02M


Mining Reward Value (24hr)

$59.2M


GBTC Premium

263.07%


MSTR Premium

69.00%


BTC Down From ATH

12.24%


BTC Up From Cycle Low

8.52%


RATES & YIELDS

24hr change

UST 3mo

5.42%  📉

-0.03

-0.55%


UST 2yr

4.97%  📈

+0

0%


UST 10yr

4.62%  📈

+0

0%


UST 30yr

4.72%  📈

+0

0%


Fed Funds (EFFR)

5.33%  📈

+0

0%


US 10yr Breakeven Inflation

2.41%  📈

+0

0%


Real Rate (10yr)

2.21%  📈

+0

0%


RATIOS

24hr change

Gold:BTC (marketcap)

11.53x   

+0.30

+2.70%


M2:BTC (marketcap)

17.02x   

+0.47

+2.85%


BTC:Oil (price)

782.28x   

-20.45

-2.55%


Gold:Oil (price)

28.14x   

+0.11

+0.38%


US GOVERNMENT STATS

30-day change

Federal Reserve Balance Sheet

$7.41T  📉

 

-1.45%


M1 Money Supply

$18.00T  📈

+$53.40B

+0.30%


M2 Money Supply

$20.84T  📈

+$57.60B

+0.28%


BTC ROI

Bitcoin & Traditional Assets ROI (vs USD)

BTC vs Traditional Assets ROI:

 

Bitcoin

Gold

S&P 500

1 year:

+132%

+16%

+24%

2 year:

+65%

+22%

+18%

3 year:

+31%

+31%

+21%

4 year:

+752%

+33%

+79%

5 year:

+1,153%

+81%

+72%

6 year:

+613%

+76%

+89%

7 year:

+4,975%

+83%

+111%

8 year:

+14,146%

+87%

+141%

9 year:

+28,936%

+93%

+139%

10 year:

+14,780%

+79%

+170%

11 year:

+48,652%

+59%

+219%

12 year:

+1.3 million%

+40%

+261%

13 year:

+3.1 million%

+52%

+272%

14 year:

+2.2 billion%

+99%

+325%

https://casebitcoin.com

Data Source: Messari.io, bitcoincharts.com

What is it: This shows bitcoin's ROI vs other potential inflation hedge assets.

Why it matters: As with the historical bitcoin price table, we see bitcoin's extreme outperformance vs other assets here as well. Bitcoin's relatively small size, plus fundamental properties, yield extreme outperformance when even relatively small funds-flows find their way to BTC.

BTC DAYS ABOVE PRICE

Bitcoin Price Closing History by Level

Days Bitcoin Closed Above:

Price

Days Above

% of Bitcoin's Life

$70,000

10

0.18%

$64,854

46

0.82%

$60,000

96

1.72%

$50,000

215

3.85%

$40,000

466

8.34%

$30,000

711

12.72%

Data Sources: Messari.io, bitcoincharts.com

What is it: This the number of days in which bitcoin "closed" (trading level at midnight UTC) above various price levels.

Why it matters: This can give a sense of where bitcoin is currently trading relative to past cycles.

SHARPE 5yr

DOUBLING TIME

Publicly Listed Marathon Patent Group Converts $150mm of Corp Treasury to BTC


 

Marathon Patent Group - a Nasdaq-listed bitcoin mining company, announced that they converted a little under a third of their corporate treasury to BTC. The purchase totaled about $150 million.


As reported by The Block, Marathon CEO Merrick Okamoto explained:

By leveraging our cash on hand to invest in bitcoin now, we have transformed our potential to be a pure-play investment into a reality... We also believe that holding part of our treasury reserves in bitcoin will be a better long-term strategy than holding U.S. dollars, similar to other forward-thinking companies like MicroStrategy.

tldr

  • The purchase price was around $31,135, suggesting this is another example of a company using bitcoin's recent price dip as a buying opportunity.
  • Marathon Patent Group was already involved in the bitcoin industry, so this action is less surprising than MicroStrategy's original BTC treasury purchase last year.
  • The CEO's comments suggest part of the motivation for the move was to turn $MARA stock into more of 'pure-play' spot-BTC alternative

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THE INVESTMENT CASE FOR BITCOIN

All you need to read to understand the investment case for bitcoin.

Bitcoin reminds me of gold when I first got into the business in 1976

- Paul Tudor Jones, Hedge Fund Manager

Frankly, if the gold bet works, the bitcoin bet will probably work better

- Stanley Druckenmiller - hedge fund manager

Bitcoin is a technological tour de force

- Bill Gates, Founder - Microsoft

[people] use [bitcoin] more as an alternative to gold. It’s a speculative store of value.

- Jerome Powell, Federal Reserve Chairman

There are 3 eras of currency: commodity based, politically based, and now, math based.

- Chris Dixon - Tech Investor, A16Z

Bitcoin may be the TCP/IP of money.

- Paul Buchheit - Gmail Creator

If they become widely accepted, virtual currencies could have a substitution effect on central bank money.

- European Central Bank - 2012

Bitcoin is Gold 2.0, a huge, huge deal.

- Chamath Palihapitiya - Founder & CEO Social Capital

I think every major bank, every major investment bank, every major high net worth firm is going to eventually have some exposure to bitcoin or what’s like it

- Bill Miller - Former Chainman & CIO, Legg Mason Capital

Bitcoin is money, everything else is credit.

- JP Morgan - 1912

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